How Biopharma Companies Can Thrive in the Age of Value-Based Care

Healthcare is shifting to virtual, value-based care to address the needs of an increasingly aging and sicker population. There’s a need for more efficient population health and targeted individual intervention. This shift poses a challenge and an opportunity for pharmaceutical and medtech companies. The challenge is in figuring out how to meet the needs of organizations using value-based reimbursement models, while the opportunity is in taking the lead in building innovative solutions that help patients get the treatment they need faster and more efficiently.

This necessitates a paradigm shift from the traditional cost- and efficacy-centered approach to a strategy focused on improving patient outcomes, satisfaction, adherence to treatment plans, and reducing hospitalization rates. The big question: how can biopharma companies adapt, contribute effectively, and thrive in this rapidly growing value-based marketplace?

Closing Care Gaps: A Shared Objective for Improved Healthcare

Digital health solutions have demonstrated their ability to close care gaps; opportunities for preventive care or timely interventions that are often overlooked or missed. By employing data analytics to harness patient insights, biopharma companies can participate in initiatives that identify patients at risk of missed disease screenings, medication non-adherence, or insufficient access to appropriate therapies. This strategic approach to full participation in value-based care models could be a key driver of improved patient outcomes, reduced hospitalizations, lower healthcare costs, and improved financial performance.

This warrants thinking beyond products and services. It requires leveraging interoperable technology systems that allow the identification of cohorts of patients based on their longitudinal records, journey, and care outcomes over time—in other words, thinking “population health management.”

Innovaccer's award-winning technology stack puts it at the forefront of population health management. By leveraging Innovaccer's unparalleled ability to connect disparate systems of all types; AI-enhanced data analytics; and industry-leading value-based care and patient engagement solutions, biopharma companies can identify and engage at-risk patients, improve medication adherence, and promote disease prevention.

Consider the scenario of enhancing cancer screening rates for multiple tumor types, as per USPSTF/CDC recommendations. Biopharma companies can use Innovaccer’s tech stack, currently deployed across 75+ US health systems, to equip clinicians and care teams with the tools they need to drive patient engagement and close gaps in cancer screening. These guidelines and recommendations are in place, but providers might not be appropriately engaged and incentivized to close these gaps in care.

Tools of the VBC Trade: Boosting Physician Engagement and Patient Education to Enhance Outcomes

Innovaccer's InCare is a game-changing care management and coordinated care solution. It enables care teams to design and refine efficient workflows and care protocols, build custom cohorts based on predefined criteria, then run and measure targeted patient outreach campaigns. The result: Enhanced experiences, higher awareness, better educated patients, and real-time tracking of campaign performance, leading to better post Rx patient engagement and improved medication adherence.

In another scenario, lets say a biopharma company wants to increase vaccination rates for a specific disease, in line with CDC guidelines. Innovaccer's point-of-care physician engagement technology, InNote, provides real-time alerts to physicians within their familiar EHR clinical workflow. It unifies patient data from multiple EHRs, payer systems, pharma, labs, and myriad other sources. This 360-degree patient view highlights the most meaningful information to providers at the point of care, such as patient eligibility for the vaccine which, when paired with patient education initiatives, can drive vaccination compliance.

By providing a single source of truth for essential patient information at the point-of-care, Innovaccer’s “tools of the VBC trade” empower physicians to make informed decisions promptly, and care managers to coordinate care efficiently and effectively. When paired with patient outreach and education initiatives, these advanced technologies can significantly enhance biopharma companies ability to support healthcare’s Quadrupole Aim, the bedrock of VBC: enhance the patient experience, improve population health, reduce the cost of care, and improve the work life of healthcare providers.

Innovaccer's comprehensive approach, which integrates point-of-care physician engagement technology, care management solutions, and a connected patient application, provides a robust toolkit for physicians, patients, and biopharma. By proactively supporting patients throughout their treatment journey, in close digital collaboration with providers, biopharma companies can become full-fledged partners in the industry’s transition to value.

Shaping the Future of Healthcare: The Role of Biopharma

In today’s dynamic healthcare landscape, biopharma companies have the opportunity—indeed, the obligation—to transcend traditional roles and models. By harnessing innovative, interoperable technology and data analytics, such as those offered by Innovaccer, biopharma companies can actively contribute to steering population health management.

As we envision and build the future of healthcare, the convergence of biopharma and HIT holds immense potential. It paves the way for a win-win-win scenario: physicians with timely access to patient information win. More informed and engaged patients win. And by gaining a fortified, future-proofed competitive position, biopharma companies win.

Ultimately, our collective goal is to enhance not just individual health, but the wellbeing of entire populations. Innovative partnerships can pave the way toward a better future of healthcare, moving us ever closer to realizing the industry’s collective vision of transitioning from fee-for-service sick care to value-based wellness.

Connect with our experts for a quick consultation and discuss how Innovaccer can help your organization whether you are transitioning from fee-for-service to value-based care or want to accelerate it.